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Apple Makes $407,000 Profit Per Employee, Walmart And Retail, $6,300: Who's The Exploiter?
Forbes ^ | December 28, 2015 | Tim Worstall

Posted on 01/17/2016 1:40:52 PM PST by grundle

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To: RedHeeler

remember though, a trade deficit is between individuals and companies. trade deficit is not sovereign.

when trump talks tariff he is intent on altering American Behavior, not china behavior


81 posted on 01/18/2016 1:43:20 PM PST by bert ((K.E.; N.P.; GOPc;+12, 73, ....carson is the kinder gentler trump.)
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To: bert

That’s one way, to look at it.


82 posted on 01/18/2016 1:46:03 PM PST by RedHeeler
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To: biff
You can look it up and year after year after year the facts show Exxon by far is the most taxed corporation in America.

I have looked it up. Your mistake is assuming that Exxon/Mobil's total income taxes are US Income Taxes, they are NOT. Exxon Mobil, just like Apple, is a multinational entity, and it, like Apple, reports its total income tax EXPENSE on its entire multinational operation. It is NOT the amount Exxon/Mobil paid to in US Income Taxes! Unlike Apple, Exxon/Mobil has much of its tax base off shore, with a Caribbean Island subsidiary listed as its holding company!

For example, in 2012, Exxon/Mobil reported $35 billion in tax expenses on its 10K. . . its Federal Income taxes for that year were effectively ZERO paid to the US government! In fact, in 2009, Exxon had negative tax liabilities in 2009. In that tax year, Exxon/Mobil used three year averaging to reduce their tax liability and also foreign taxes paid as a credit against US Income Taxes. Do you really like the fact that we subsidize foreign tax payments against US income? That's the effective system Exxon used.

"The three-year tax numbers listed on the 10-K do seem to suggest that the company's 2009 tax bill was unusual. In 2007 and 2008, the equivalent tax totals on the 10-K were $4.5 billion and $3.4 billion, respectively, which suggests that some unusual factor reduced the ExxonMobil tax bill into negative territory for 2009.

While the company is not obligated to publicize its tax return, and thus the actual amount it paid in taxes, ExxonMobil has voluntarily released a figure for its actual federal income tax bill in response to media requests that questioned why the company reported a negative tax liability in 2009. Jeffers told PolitiFact that the "U.S. income tax expense for 2009 activities was approximately $500 million." The company declined to provide documentation for this number, however.

U.S. income taxes aren't the only taxes ExxonMobil paid

According to the 10-K, ExxonMobil remitted $6.3 billion in sales taxes, $110 million in state income taxes, and $1.5 billion in "other taxes and duties." All told, the company's tax liability according to its 10-K was $7.7 billion. (These numbers are not necessarily totals actually paid but derived using generally accepted accounting principles.) And that only counts taxes paid in the U.S. It paid an additional $70 billion-plus in taxes to foreign governments in 2009, $15 billion of which was for income taxes.

The company does receive credit on its U.S. taxes for many of these foreign tax payments, which helps keep its domestic tax bill lower than it would otherwise be -- a complaint of many of its critics, who would like to see a curtailment of such benefits. Another criticism is that the company is (legally) able to shield some of its income by steering it through subsidiaries based offshore. Source

That is the number you are looking at.

Apple pays around 27.6% to 29.7% effective federal tax rate, far higher than Exxon/Mobil's 17.6%. ( Source Apple's annual 10-K financial statements to the SEC.) Apple also pays taxes off shore, and also pays some sales tax, but not to the level of Exxon/Mobil. Apple also pays California's State Unitary income tax on income earned any where in the world. That California Income Tax is deductible against its Federal Income Tax, but it still paid MORE in Federal Income Tax than did Exxon/Mobil.

These are FACTS, biff. Not your speculation. in 2012, Apple paid more than any other company in the United States in United States Income Taxes. This was proved to Congress. Exxon/Mobil may book more taxes worldwide but they were NOT US INCOME TAXES. They may have been Caribbean Island income taxes, or sales taxes, or excise taxes, or some other kind of taxes paid in Saudi Arabia, but they were not United States Corporate Income Taxes.

83 posted on 01/18/2016 7:28:32 PM PST by Swordmaker (This tag line is a Microsoft insult free zone... but if the insults to Mac users continue....)
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To: Swordmaker

According to Forbes and the tax foundation the following:

1. Exxon
2. Chevron
3. Apple

Apple would be number one but they have the legal knack of legally hiding more income offshore than other corporations to the tune of 125+ billion.

I guess we will just have to disagree.


84 posted on 01/18/2016 7:53:46 PM PST by biff
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To: biff
According to Forbes and the tax foundation the following:

1. Exxon
2. Chevron
3. Apple

Apple would be number one but they have the legal knack of legally hiding more income offshore than other corporations to the tune of 125+ billion.

Look, idiot. Apple EARNED that money offshore. Did you even bother to read what I posted? Exxon/Mobil did not pay US FEDERAL INCOME TAXES for all of what Forbes lists. . . That is their TOTAL TAX LIABILITY FOR ALL COUNTRIES. How many times do I have to say it? You obviously do not have a clue about corporate financial statements, do you? You paid absolutely no attention to the factual explanations did you? Apple presented these facts UNDER OATH before Congress Exxon/Mobil did not. It was Apple that was hauled before the Senate for not paying taxes, not Exxon/Mobil. . . and Apple that proved it did, indeed, pay those taxes and had the EVIDENCE they paid more CORPORATE INCOME TAXES THAN ANY OTHER U.S. CORPORATION which was backed up by the U.S. GOVERNMENT Internal Revenue Service DOCUMENTATION, not some third party Journalists.

You keep coming back to the money Apple has off shore. . . and imputing some nefarious "hiding" of that money. Apple has never hidden a cent of it. It is duly reported on its financial reports and has paid every red cent in taxes it legally owes to the governments where Apple earned those revenues. It did not EARN THEM IN THE UNITED STATES so it is not hiding it from the United States government's taxing authority, as much as YOU, you liberal puke, want to tax that money regardless of what the laws are. That makes you just as much of a thief as any Liberal politician in Washington. You want to tax money that has already been taxed. You aren't a conservative at all. You are a liberal. Fess up to it. Be honest. Admit it. Come on, say it! "I, biff, am a Liberal!"

Exxon/Mobil has more worldwide taxes than Apple. . . $70 Billion. . . did you not see that? But it was NOT Income Taxes in the United States! PAY ATTENTION! That tax money does not flow into the US Treasury. SHEESH!

85 posted on 01/18/2016 9:01:09 PM PST by Swordmaker (This tag line is a Microsoft insult free zone... but if the insults to Mac users continue....)
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To: Swordmaker
:')

86 posted on 01/18/2016 10:21:13 PM PST by SunkenCiv (Here's to the day the forensics people scrape what's left of Putin off the ceiling of his limo.)
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